Business
Photronics Reports First Quarter Fiscal 2020 Results
First quarter 2020 revenue of $159.7 million was a record, up 2% sequentially and 28% year-over-yearNet income attributable to Photronics, Inc. shareholders
About this update from Photronics, Inc.
[{"type":"text","content":"First quarter 2020 revenue of $159.7 million was a record, up 2% sequentially and 28% year-over-yearNet income attributable to Photronics, Inc. shareholders was $10.3 million, or $0.16 per diluted shareCash provided by operating activities was $30.8 million, resulting in a cash balance of $218.3 million0.9 million shares were repurchased for $11.0 millionSecond quarter 2020 guidance: revenue between $145 and $155 million with diluted EPS between $0.11 and $0.17 BROOKFIELD, Conn., March 04, 2020 (GLOBE NEWSWIRE) -- Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its fiscal 2020 first quarter ended February 2, 2020.\n First quarter revenue was a record $159.7 million, 2% better than the previous quarter and 28% better than the same quarter last year. Integrated circuit (IC) revenue was $107.0 million, down 5% sequentially and up 13% compared with the first quarter of last year. Flat panel display (FPD) revenue of $52.8 million was also a record, up 21% compared with last quarter and 77% compared with the same period last year. Net income attributable to Photronics, Inc. shareholders was $10.3 million ($0.16 per diluted share), compared with $9.7 million ($0.15 per diluted share) for the fourth quarter of 2019 and $5.3 million ($0.08 per diluted share) for the first quarter of 2019. \"We continued to perform well in the first quarter, achieving record revenues for the second consecutive quarter, as design activity remained high and we were able to extend our FPD leadership by bringing more capacity to the market,” said Peter Kirlin, chief executive officer. “IC revenues were up year-over-year, but down sequentially due to seasonal softness. An uptick in operating expenses associated with ramping our two new facilities drove operating margins below fourth quarter levels. Below the operating line, a foreign exchange gain and other one-time effects resulted in earnings of $0.16 per share. We generated $30.8 million cash flow from operating activities, resulting in a cash position of $218.3 million. Despite potential short-term impact that may result from the coronavirus, we are optimistic that our long-term goals for 2020 are still on track. We continue to develop investment plans to drive further profitable growth across our operations.” Second Quarter 2...